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Last year the board cut Dimon’s pay for 2012 to $11.5 million amid big trading losses and regulatory probes into various parts of the bank’s operations. His pay for 2013 is similar to what he has received in the past.

In a filing released on Friday the board said they are giving Dimon a pay boost, in part, because many of the legal and regulatory issues JPMorgan faced are now settled and the bank has taken steps to address the problems.

“Under Mr. Dimon’s stewardship, the company has fortified its control infrastructure and processes and strengthened each of its key businesses while continuing to focus on strengthening the company’s leadership capabilities across all levels,” according to the filing.

The pay bump is expected to draw questions from shareholders at the upcoming annual meeting who have previously raised concerns about Dimon’s ability to manage the Wall Street giant in light of its legal problems.

“I have no doubt that will come up,” said Carol Bowie, head of Americas research for the prominent proxy advisory firm ISS. “The question is will the explanations that they’ve heard before suffice?”

The board’s decision, however, also reflects that while the bank has faced a wave of bad publicity over the past year and questions about how it is being managed - shareholders and investors have mostly shrugged off these issues believing the bank will continue to pump out healthy profits.

Shares of the bank’s stock, for instance, ended last year up more 30 percent.

Dimon received the same base salary as he did in 2012 — $1.5 million — but his incentive compensation grew to $18.5 million from $10 million a year earlier.

In total, he received $20 million for 2013, compared to $11.5 million in 2012, $23 million in 2011 and 2010 and $15.2 million in 2009, according to regulatory filings.

In its filing, JPMorgan said the board of directors based the compensation on several key factors, including the company’s “sustained long-term performance; gains in market share and customer satisfaction” and the steps the bank has taken to address its regulatory issues, including problems that it inherited through its acquisition of Washington Mutual and Bear Stearns.

Dimon’s incentive compensation was awarded entirely in the form of restricted stock units that vest over three years — 50 percent after two years and 50 percent after the third year — tying his compensation to the company’s future performance, JPMorgan said.

The settlements JPMorgan reached over the past year include a $13 billion deal with the Justice Department and other agencies over soured mortgage bonds sold in the lead up to the 2008 financial crisis. Most recently the bank agreed to $2.6 billion in settlements with the government over its role in the Bernie Madoff Ponzi scheme.

“It was in the best interest of our company and shareholders for us to accept responsibility, resolve these issues and move forward,” Dimon said of the settlements earlier this month when JPMorgan announced its fourth quarter earnings.

Critics of the deals struck with the government said that Dimon’s raise is proof that the bank got off lightly and analysts said a majority of the board obviously was pleased with how the settlements were resolved.

“Some directors, my guess is, were saying we took on a burden on behalf of the U.S. government, Jamie worked out all these problems, we had a huge financial penalty and we’ve put this behind us,” said Michael Useem, a professor for the Wharton School at the University of Pennsylvania.

Still, the bank has many big shareholders and some are still looking for changes to how it is managed.

For instance, an effort to split Dimon’s roles as both CEO and chairman of the board was voted down by shareholders last year. But one investor, The Needmor Fund, is proposing the change again this year for Dimon’s successors.

“There will be shareholders on both sides of this, there’s no doubt,” said Tim Smith, senior vice president at Walden Asset Management, which is the investment manager for Needmor. “An institution can’t go through this historic period of scandal without being scrutinized much more carefully than ever before.”